Bryan Greenbaum
Senior Vice President, Retail Banking
(617) 628-4000

JESSICA KEARN PROMOTED TO ASSISTANT VICE PRESIDENT AT CENTRAL BANK

Somerville, MA, December 28, 2007- John D. Doherty, President and Chief Executive Officer of Central Bank announced today that Jessica Kearn has been promoted to the position of Assistant Vice President.

Kearn joined Central Bank in 1998 and has held several positions in residential and commercial lending. She currently serves as Assistant Credit Administrator in the bank's Commercial Lending Division.

Ms. Kearn earned her baccalaureate degree from Northeastern University in 2005 and has pursued additional education directly related to her responsibilities at the bank.

Established in 1915, Central Bank, the bank subsidiary of Central Bancorp, Inc. (NASDAQ: CEBK), is a Massachusetts chartered co-operative bank operating nine full service branches and a limited access educational branch in Somerville, Arlington, Burlington, Chestnut Hill, Malden, Medford, Melrose and Woburn.

Central Bank is a member of FDIC, Member of SIF and is an Equal Housing Lender.

Paul S. Feeley
Senior Vice President, Treasurer &
Chief Financial Officer
(617) 628-4000

CENTRAL BANCORP REPORTS QUARTERLY EARNINGS

SOMERVILLE, MASSACHUSETTS, November 6, 2007 - Central Bancorp, Inc. (NASDAQ Global Market ^SM:CEBK) (the "Company") today reported that its net income for the quarter ended September 30, 2007 increased to $465,000, or $0.33 per diluted share, from net income of $351,000, or $0.24 per diluted share, in the comparable prior year quarter. The Company's earnings for the six months ended September 30, 2007 improved to $690,000, or $0.49 per diluted share, from $464,000, or $.32 per diluted share, for the corresponding period of 2006.

The increase in net income for the September 2007 quarter primarily resulted from a $404,000 decrease in non-interest expenses, mainly for personnel and marketing costs, and a $300,000 negative provision for loan losses during the current quarter. Partially offsetting the foregoing improvements was a $623,000 decline in net interest and dividend income, which reflected the impact of the continuing flat to inverted yield curve during much of the quarter and strong local competition for deposits and loans in the Company's market area, which resulted in an increase in the cost of funds and a decline in the yield on interest-earning assets.

The net interest rate spread and the net interest margin declined from 2.45% and 2.91%, respectively, for the quarter ended September 30, 2006 to 1.95% and 2.43%, respectively, for the 2007 comparable period. While the cost of funds increased by 22 basis points, the yield on interest-earning assets declined by 28 basis points. Interest-bearing liabilities continued to re-price upward faster than interest-earning assets, primarily due to the combined effect of the prolonged flat to inverted yield curve environment and continued strong competition for both deposits and loans in the Company's market area. Although there was some steepening of the Treasury yield curve near the end of the quarter, competitive pressures have a more direct impact on the Company's asset yields and deposit costs. Notwithstanding the Federal Reserve interest rate cut near the end of the quarter, there is a lag time before we can expect to see a significant impact of the rate cuts on the earnings stream of the Company.

The provisions for loan losses were $(300,000) and $0, respectively, for the quarters ended September 30, 2007 and 2006. The Company provides for loan losses in order to maintain the allowance for loan losses at a level that management estimates is adequate to absorb probable losses based on an evaluation of known and inherent risks in the portfolio. In determining the appropriate level of the allowance for loan losses, the Company considers past and anticipated loss experience, evaluations of underlying collateral, prevailing economic conditions, the nature and volume of the loan portfolio and the levels of non-performing and other classified loans. Based on recent Company loan loss experience and trends in the various categories of loans made by the Company, and following revised guidance from Federal regulatory authorities, management deemed it appropriate to record a reduction in the allowance for loan and lease losses during the quarter ended September 30, 2007 as compared to no provision during the corresponding prior year period. Management evaluates the level of the loan loss reserve on a regular basis and considered the allowance for loan losses to be adequate during both periods.

Non-interest expense declined by $404,000 as compared to the same quarter last year due primarily to lower levels of staffing, the fact that no raises were granted as would normally have been the case as of April 1, 2007, and a substantial decrease in marketing costs.

Higher pre-tax income caused income tax expense for the September 30, 2007 quarter to increase $54,000 from the corresponding 2006 period.

The improved net income for the six months ended September 30, 2007 primarily resulted from a $734,000 decrease in non-interest expenses, mostly for employee costs and marketing, and a $350,000 decrease in the provision for loan losses, mainly attributable to the $300,000 reduction recorded in the September 2007 quarter, as discussed above. These improvements were partially offset by an $861,000 decline in net interest and dividend income.

The net interest rate spread and the net interest margin declined from 2.38% and 2.82%, respectively, for the six months ended September 30, 2006 to 1.97% and 2.44%, respectively, for the 2007 comparable period. While the cost of funds increased by 36 basis points, the yield on interest-earning assets declined by 5 basis points.

The provision for income taxes for the six months ended September 30, 2007 rose to $363,000, compared to the $244,000 provision for the six months ended September 30, 2006, reflecting the higher pre-tax income reported in the 2007 period.

Total assets were $552.7 million at September 30, 2007 and $566.1 million at March 31, 2007. During the six months ended September 30, 2007, short-term investments decreased by $8.6 million and investment securities decreased by $2.3 million as a result of the redeployment of these funds to offset the impact of the deposit decline of $29.6 million. Deposits decreased from $388.6 million at March 31, 2007 to $359.0 million at September 30, 2007. Deposits declined primarily because of continuing strong competition for deposits in our market area, particularly for certificates of deposit which declined $36.8 million from $217.9 million at March 31, 2007 to $181.1 at September 30, 2007. The decrease in term deposits is primarily the result of the Bank's strategy to discontinue advertising premium rates on certificates of deposit and to instead utilize more cost-effective Federal Home Loan Bank ("FHLB") advances as a funding source. During the current fiscal year, the Company has also taken advantage of favorable FHLB advance rates to partially offset the decline in certificates of deposits. FHLB advances increased to $140.0 million at September 30, 2007. The Company continued to offer lower rates on certificates of deposits than in prior periods and substantially reduced related marketing costs by discontinuing its advertising of premium rates on certificates of deposit. Total loans declined by $2.9 million as the Company continued to sell newly originated residential loans in the secondary markets that do not meet the Company's rate or underwriting requirements.

Senior management continued to give high priority to monitoring the Company's asset quality by focusing on early detection of potentially problem loans. At September 30, 2007, non-performing loans totaled $9.3 million as compared to $1.6 million at the same date in 2006. Net interest income not recognized on non-accrual loans during the quarter amounted to $162,000. The increase is primarily the result of two construction loan projects on non-accrual status that are nearing completion. The borrower on one of these projects has filed for chapter 11 bankruptcy which will delay the ultimate repayment of this loan. The other major project represents a construction loan for two large homes in an affluent suburban location. One property is on the market and the other is nearing completion and expected to be on the market in the near future. Management continues to work with the borrowers and the bankruptcy trustees to resolve these situations as soon as possible. Management believes that there are adequate reserves and collateral securing these loans to cover losses that may result from non-performing loans.

Central Bancorp, Inc. is the holding company for Central Bank, whose legal name is Central Co-operative Bank, a Massachusetts-chartered co-operative bank operating nine full-service banking offices, a limited service high school branch in suburban Boston and a standalone 24-hour automated teller machine in Somerville.

This press release may contain certain forward-looking statements, which are based on management's current expectations regarding economic, legislative and regulatory issues that may impact the Company's earnings in future periods. Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, real estate values and competition; changes in accounting principles, policies or guidelines; changes in legislation or regulation; and other economic, competitive, governmental, regulatory and technological factors affecting the Company's operations, pricing, products and services.

Central Bancorp, Inc. Consolidated Operating Data (In Thousands, Except Per-Share Data)   Quarter Ended September 30, Six Months Ended September 30,   2007 2006 2007 2006   (Unaudited) (Unaudited) Net interest and dividend income $ 3,253 $ 3,876 $ 6,593 $ 7,454 Provision for loan losses (300) 0 (300) 50 Net gain on sales and write-downs of investment securities 172 116 288 228 Gain on sale of loans 25 25 77 59 Other non-interest income 337 306 694 650 Non-interest expenses 3,383 3,787 6,899 7,633     Income before taxes 704 536 1,053 708 Provision for income taxes 239 185 363 244     Net income $ 465 $ 351 $ 690 $ 464 Earnings per share:             Basic $0.33 $0.24 $0.50 $0.32     Diluted $0.33 $0.24 $0.49 $0.32 Weighted average number of shares outstanding:             Basic 1,394 1,444 1,393 1,442     Diluted 1,399 1,457 1,400 1,455 Outstanding shares, end of period 1,640 1,591 1,640 1,591

Central Bancorp, Inc. Consolidated Balance Sheet Data (In Thousands, Except Per Share Data)   September 30, 2007 March 31, 2007   (Unaudited) (Unaudited) Total assets $552,710 $566,140 Short-term investments 5,872 14,470 Total investments 72,375 74,705 Total loans(1) 458,200 461,117 Allowance for loan losses 3,378 3,881 Deposits 358,996 388,573 Borrowings 140,823 125,712 Subordinated debenture 11,341 11,341 Stockholders' equity 38,550 37,702 Book value per share 23.51 22.99 Equity to Assets 6.97% 6.66% Non-performing assets to total assets 1.68 0.06 (1) Includes loans held for sale of $0 and $575 at September 30, 2007 and March 31, 2007, respectively.

Selected Financial Ratios (In Thousands, Except Per Share Data)   Quarter Ended September 30, Six Months Ended September 30,   2007 2006 2007 2006   (Unaudited) (Unaudited) Return on average assets 0.34% 0.26% 0.25% 0.17% Return on average equity 4.88   3.55   3.63   2.35   Interest rate spread 1.95   2.45   1.97   2.38   Net interest margin 2.43   2.91   2.44   2.82

Paul S. Feeley
Senior Vice President, Treasurer &
Chief Financial Officer
(617) 628-4000

CENTRAL BANCORP, INC. DECLARES ITS REGULAR QUARTERLY CASH DIVIDEND

SOMERVILLE, MASSACHUSETTS, October 18, 2007 - Central Bancorp, Inc. (NASDAQ Global Market ^SM:CEBK) announced today that its Board of Directors declared its regular quarterly cash dividend of eighteen ($0.18) cents per share, payable on November 16, 2007, to stockholders of record as of November 2, 2007.

Central Bancorp, Inc. is the holding company for Central Bank, whose legal name is Central Co-operative Bank, a Massachusetts-chartered co-operative bank operating nine full-service banking offices, a limited service high school branch in suburban Boston and a standalone 24-hour automated teller machine in Somerville.

Paul S. Feeley
Senior Vice President, Treasurer &
Chief Financial Officer
(617) 628-4000

CENTRAL BANCORP REPORTS QUARTERLY EARNINGS

SOMERVILLE, MASSACHUSETTS, August 8, 2007 - Central Bancorp, Inc. (NASDAQ Global Market ^SM:CEBK) (the "Company") today reported that its net income for the quarter ended June 30, 2007 increased to $225,000, or $0.16 per diluted share, from net income of $113,000, or $0.08 per diluted share, for the prior year quarter.

The increase in net income primarily resulted from a $330,000 decrease in non-interest expense. The largest decline was in marketing costs, which declined by $218,000. Partially offsetting this improvement was a $238,000 decline in net interest and dividend income, reflecting the impact of the continuing flat to inverted yield curve during the quarter, and strong local competition for deposits and loans in the Company's market area, which resulted in an increase in the cost of funds without a comparable increase in the yield on loans.

The net interest rate spread and the net interest margin declined from 2.29% and 2.72%, respectively, for the quarter ended June 30, 2006 to 1.99% and 2.45%, respectively, for the 2007 comparable period. While the cost of funds increased by 50 basis points, the yield on interest-earning assets increased by only 20 basis points. Interest-bearing liabilities continued to re-price upward faster than interest-earning assets, primarily due to the combined effect of the prolonged flat to inverted yield curve environment and continued strong competition for both deposits and loans in the Company's market area.

The provisions for loan losses were $0 and $50,000, respectively, for the quarters ended June 30, 2007 and 2006. Management evaluates the level of the loan loss reserve on a regular basis and considered the allowance for loan losses to be adequate during both periods.

Higher pre-tax income caused income tax expense for the June 30, 2007 quarter to increase $65,000 from the corresponding 2006 period.

Total assets were $548.9 million at June 30, 2007 and $566.1 million at March 31, 2007. During the quarter ended June 30, 2007, short-term investments decreased by $12.8 million and investment securities available for sale decreased by $1.4 million as the result of the redeployment of these investments to pay down Federal Home Loan Bank ("FHLB") advances and to offset the impact of the deposit decline of $13.9 million. During the prior quarter, the Company took advantage of favorable FHLB advance rates in anticipation of a large maturity of certificates of deposits during the quarter. With this liquidity in place, the Company was able to offer lower rates on certificates of deposits and to substantially reduce marketing costs due to the discontinuance of the advertising of premium rates on certificates of deposit during the 2007 period. Total loans declined by $2.0 million as the Company continued to sell most newly originated residential loans in the secondary markets. Borrowings decreased by $3.3 million to $122.4 million during the quarter ended June 30, 2007.

Senior management continued to give high priority to monitoring the Company's asset quality by focusing on early detection and resolution of any potentially problem loans. At June 30, 2007, non-performing loans totaled $5.4 million as compared to $2.2 million at the same date in 2006. The increase is primarily the result of one construction loan project that is nearing completion. Management continues to monitor the progress the borrower is making to resolve the delinquency.

Central Bancorp, Inc. is the holding company for Central Bank, whose legal name is Central Co-operative Bank, a Massachusetts-chartered co-operative bank operating nine full-service banking offices, a limited service high school branch in suburban Boston and a standalone 24-hour automated teller machine in Somerville.

This press release may contain certain forward-looking statements, which are based on management's current expectations regarding economic, legislative and regulatory issues that may impact the Company's earnings in future periods. Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, real estate values and competition; changes in accounting principles, policies or guidelines; changes in legislation or regulation; and other economic, competitive, governmental, regulatory and technological factors affecting the Company's operations, pricing, products and services.

Central Bancorp, Inc. Consolidated Operating Data (In Thousands, Except Per-Share Data)   Quarter Ended June 30,   2007 2006   (Unaudited) Net interest and dividend income $ 3,340 $ 3,578 Provision for loan losses 0 50 Net gain on sales and write-downs of investment securities 116 112 Gain on sale of loans 52 33 Other non-interest income 357 345 Non-interest expenses 3,516 3,846     Income before taxes 349 172 Provision for income taxes 124 59     Net income $ 225 $ 113 Earnings per share:         Basic $ 0.16 $ 0.08     Diluted $ 0.16 $ 0.08 Weighted average number of shares outstanding:         Basic 1,392 1,440     Diluted 1,401 1,453     Outstanding shares, end of period 1,640 1,591

Consolidated Balance Sheet Data (In Thousands, Except Per Share Data)   June 30, 2007 March 31, 2007   (Unaudited) Total assets $548,850 $566,140 Short term investments 1,699 14,470 Investment securities available for sale 73,292 74,705 Total loans(1) 459,143 461,117 Allowance for loan losses 3,848 3,881 Deposits 374,631 388,573 Borrowings 122,372 125,712 Subordinated debenture 11,341 11,341 Stockholders' equity 37,720 37,702 Book value per share 23.00 22.99 Equity to assets 6.87 % 6.66 % Non-performing assets to total assets 0.99     0.06     (1) Includes loans held for sale of $640 and $575 at June 30, 2007 and March 31, 2007, respectively.

Selected Financial Ratios (In Thousands, Except Per Share Data)   Quarter Ended June 30,   2007 2006   (Unaudited) Return on average assets 0.16 % 0.08 % Return on average equity 2.39 1.16 Interest rate spread 1.99 2.29 Net interest margin 2.45 2.72

William P. Morrissey
Executive Vice President / Chief Operating Officer
(617) 628-4000

CENTRAL BANCORP, INC. HOLDS 2007 ANNUAL STOCKHOLDERS MEETING

SOMERVILLE, MASSACHUSETTS, July 26, 2007 - Central Bancorp, Inc. (NASDAQ: CEBK) announced that it held its 2007 Annual Stockholders Meeting today. At the meeting, stockholders elected, with favorable votes of at least 78.7 % of the shares voted, John D. Doherty, Gregory W. Boulos and Albert J. Mercuri, Jr. as directors, each to serve for a three-year term.

Central Bancorp, Inc. is the holding company for Central Bank, whose legal name is Central Co-operative Bank, a Massachusetts-chartered co-operative bank operating nine full-service banking offices, a limited service high school branch in suburban Boston and a stand alone 24-hour automated teller machine in Somerville.

Paul S. Feeley
Senior Vice President, Treasurer &
Chief Financial Officer
(617) 628-4000

CENTRAL BANCORP, INC. DECLARES ITS REGULAR QUARTERLY CASH DIVIDEND

SOMERVILLE, MASSACHUSETTS, July 19, 2007 - Central Bancorp, Inc. (NASDAQ Global Market ^SM:CEBK) announced today that its Board of Directors declared its regular quarterly cash dividend of eighteen ($0.18) cents per share, payable on August 17, 2007, to stockholders of record as of August 3, 2007.

The dividend represents the Company's 44th consecutive distribution since implementing its cash dividend policy in October 1996.

Central Bancorp, Inc. is the holding company for Central Bank, whose legal name is Central Co-operative Bank, a Massachusetts-chartered co-operative bank operating nine full-service banking offices, a limited service high school branch in suburban Boston and a stand alone 24-hour automated teller machine in Somerville.

Paul S. Feeley
Senior Vice President, Treasurer &
Chief Financial Officer
(617) 628-4000

CENTRAL BANCORP REPORTS FISCAL YEAR AND FOURTH QUARTER EARNINGS

SOMERVILLE, MASSACHUSETTS, June 05, 2007 - Central Bancorp, Inc. (NASDAQ Global Market ^SM: CEBK) today reported that its net income for the year ended March 31, 2007 was $1.02 million, or $0.70 per diluted share, compared to net income of $2.64 million, or $1.84 per diluted share, for the prior fiscal year. For the quarters ended March 31, 2007 and March 31, 2006, net income was $42,000, or $0.03 per diluted share, and $518,000, or $0.36 per diluted share, respectively.

The decrease in net income for the year ended March 31, 2007 compared to the corresponding 2006 period primarily resulted from a $1.87 million decrease in net interest and dividend income, a $109,000 decrease in gains on sale of loans, a $56,000 decrease in other non-interest income, and a $673,000 increase in non-interest expenses. Partially offsetting these items was a $162,000 increase in net gain on sales of investment securities.

The continuing flat to inverted yield curve, as well as strong local competition for the products and services the Company offers, continued to adversely affect net interest and dividend income. The net interest rate spread and the net interest margin declined from 2.72% and 3.11%, respectively, for the year ended March 31, 2006 to 2.21% and 2.68%, respectively, for the 2007 comparable period. While the cost of funds increased by 72 basis points, the yield on interest-earning assets increased by only 21 basis points. Interest-bearing liabilities continued to re-price upward faster than interest-earning assets, primarily due to the combined effect of the continuing flat to inverted yield curve, an increase in short-term interest rates over the comparable period last year and continued strong competition for both deposits and loans in the Company's market area.

The increase in non-interest expenses for the year ended March 31, 2007 was primarily attributable to normal increases in salary and benefit expenses, increased occupancy and equipment expenses, partially attributable to the new branch and operations center in Medford, and higher professional service costs, mostly for audit and legal services related to the previously announced ESOP stock purchase and trust preferred issuance.

These expenses were partially offset by lower marketing expenses and the absence of $283,000 in non-recurring restructuring costs incurred during fiscal 2006. The provisions for loan losses were $80,000 and $100,000, respectively, for the years ended March 31, 2007 and March 31, 2006. Lower pre-tax income caused income tax expense for the year ended March 31, 2007 to decrease $901,000 from the corresponding 2006 period.

The lower net income for the March 31, 2007 quarter compared to the same year-earlier quarter primarily resulted from a $497,000 decrease in net interest and dividend income and a $350,000 increase in non-interest expenses. The increase in non-interest expenses was primarily caused by normal salary increases and benefit expenses, increased occupancy and equipment expenses, impacted by the new branch and operations center in Medford, as well as severance expenses incurred and higher professional service costs, mostly for specialized training, legal and audit services, partially off set by lower marketing and data processing costs. Partially offsetting these items was a $109,000 increase in the net gain on sales of investment securities. The $265,000 decrease in the provision for income taxes was primarily due to lower pre-tax income as well as successful tax strategies that had a positive impact on the quarter. Decreases occurred in net interest rate spread and net interest margin from 2.48% and 2.88%, respectively, for the 2006 quarter to 1.96% and 2.43%, respectively, for the 2007 quarter. While the yield on interest-earning assets rose by 17 basis points, the cost of funds increased by 69 basis points.

Total assets were $566.1 million at March 31, 2007 and $547.3 million at March 31, 2006. During the fiscal year ended March 31, 2007, investment securities available for sale decreased by $32.4 million as the result of maturities, sales and pay-downs of investments and the mandatory redemption of a portion of our investment in FHLB stock. During this same period, loans increased by $45.2 million to $460.5 million due to the Company's continuing focus on originating commercial real estate and construction loans, as well as the purchase of $14.2 million of newly originated residential real estate loans.

Deposits declined $4.8 million, primarily due to the temporary discontinuance of the advertising of premium rates on certificates of deposit during the 2007 period and the decision to instead utilize FHLB advances to fund loan growth. As a result, borrowings increased by $19.7 million to $125.7 million during the year ended March 31, 2007.

Due to the high priority given to monitoring asset quality, Senior Management is involved in the early detection and resolution of any potentially problem loans. At March 31, 2007, non-performing loans totaled $330,000 as compared to $1.2 million at the same date in 2006.

Central Bancorp, Inc. is the holding company for Central Bank, whose legal name is Central Co-operative Bank, a Massachusetts-chartered co-operative bank operating nine full service banking offices, a limited service high school branch in suburban Boston and a stand alone 24-hour automated teller machine in Somerville.

This press release may contain certain forward-looking statements, which are based on management's current expectations regarding economic, legislative and regulatory issues that may impact the Company's earnings in future periods. Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, real estate values and competition; changes in accounting principles, policies or guidelines; changes in legislation or regulation; and other economic, competitive, governmental, regulatory and technological factors affecting the Company's operations, pricing, products and services.

Central Bancorp, Inc. Consolidated Operating Data (In Thousands, Except Per-Share Data)   Quarter Ended March 31, Year Ended March 31,   2007 2006 2007 2006   (Unaudited) (Unaudited) Net interest and dividend income $ 3,369 $ 3,866 $ 14,449 $ 16,317 Provision for loan losses 30 -- 80 100 Net gain on sales and write-downs of investment securities 222 113 581 419 Gain on sale of loans 40 25 99 208 Other non-interest income 324 312 1,314 1,370 Non-interest expenses 3,912 3,562 14,856 14,183     Income before taxes 13 754 1,507 4,031 Provision for income taxes (29) 236 487 1,388     Net income $ 42 $ 518 $1,020 $2,643 Earnings per share:             Basic $0.03 $0.36 $0.72 $1.85     Diluted $0.03 $0.36 $0.70 $1.84 Weighted average number of shares outstanding:             Basic 1,391 1,435 1,419 1,429     Diluted 1,404 1,444 1,452 1,438 Outstanding shares, end of period 1,640 1,590 1,640 1,590

Central Bancorp, Inc. Consolidated Balance Sheet Data (In Thousands, Except Per Share Data)   March 31, 2007 March 31, 2006   (Unaudited) (Unaudited) Total assets $556,140 $547,275 Investment securities available for sale 74,705 107,071 Total loans(1) 460,542 415,363 Allowance for loan losses 3,881 3,788 Deposits 388,573 393,413 Borrowings 125,712 106,032 Subordinated debenture 11,341 5,258 Stockholders' equity 37,702 39,189 Book value per share 22.99 24.64 Equity to assets 6.66 % 7.16 % Non-performing assets to total assets 0.06 0.22 (1) Includes loans held for sale of $575 and $45 at March 31, 2007 and March 31, 2006, respectively.

Selected Financial Ratios (In Thousands, Except Per Share Data)   Quarter Ended March 31, Year Ended March 31,   2007 2006 2007 2006   (Unaudited) (Unaudited) Return on average assets 0.03% 0.38% 0.18% 0.49% Return on average equity 0.43   5.29   2.59   6.78   Interest rate spread 1.96   2.48   2.21   2.72   Net interest margin 2.43   2.88   2.68   3.11

Bryan Greenbaum
Senior Vice President, Retail Banking
(617) 628-4000

CENTRAL BANK AWARDS SCHOLARSHIP TO WOBURN HIGH SCHOOL BANKING STUDENT

Woburn, MA, May 10, 2007- John D. Doherty, President and Chief Executive Officer of Central Bank announced today that Kelly Manning has been awarded Central Bank's Student Banker Scholarship for the 2006-2007 school year.

Manning, a senior in the Banking II course at Woburn High School, plans on entering Nichols College in the fall with a major in Accounting. She was selected for this honor based on her academic performance in the banking course and participation in Central Bank's educational branch located in the school.

Said Doherty, "It's our pleasure to work in partnership with Woburn High School. We're consistently impressed with the dedication and enthusiasm of each of the young men and women in this worthwhile program. Kelly is a fine example of these qualities."

Central Bank collaborated with Woburn High School to develop a student-banking program to help students learn about financial services and develop personal finance and job skills. The student-banking program includes course work taught by Steven Sullivan of the high school faculty and hands-on participation of students who staff teller windows in the fully-functional on-site banking facility.

Five students in the high school's banking course were hired as tellers to operate the branch under the direction of Central Bank's High School Branch Supervisor, Carol McCarthy. The branch, which has been operating at the High School since 2002, is a full-service facility that is open on school days to meet the banking needs of students, faculty and staff.

Established in 1915, Central Bank, the bank subsidiary of Central Bancorp, Inc. (NASDAQ: CEBK), is a Massachusetts chartered co-operative bank operating nine full service branches and a limited access educational branch in Somerville, Arlington, Burlington, Chestnut Hill, Malden, Medford, Melrose and Woburn.

Central Bank is a member of FDIC, Member of SIF and is an Equal Housing Lender.

Paul S. Feeley
Senior Vice President, Treasurer &
Chief Financial Officer
(617) 628-4000

CENTRAL BANCORP, INC. DECLARES ITS REGULAR QUARTERLY CASH DIVIDEND

SOMERVILLE, MASSACHUSETTS, April 19, 2007 - Central Bancorp, Inc. (NASDAQ Global Market ^SM: CEBK) announced today that its Board of Directors declared its regular quarterly cash dividend of eighteen ($0.18) cents per share, payable on May 18, 2007, to stockholders of record as of May 4, 2007.

The dividend represents the Company's 43rd consecutive distribution since implementing its cash dividend policy in October 1996.

Central Bancorp, Inc. is the holding company for Central Bank, whose legal name is Central Co-operative Bank, a Massachusetts-chartered co-operative bank operating nine full-service banking offices, a limited service high school branch in suburban Boston and a stand alone 24-hour automated teller machine in Somerville.

Paul S. Feeley
Senior Vice President, Treasurer &
Chief Financial Officer
(617) 628-4000

CENTRAL BANCORP REPORTS QUARTERLY EARNINGS

SOMERVILLE, MASSACHUSETTS, February 7, 2007 - Central Bancorp, Inc. (NASDAQ Global Market ^SM: CEBK) today reported that its net income for the quarter ended December 31, 2006 was $514,000, or $0.35 per diluted share, compared to net income of $796,000, or $0.55 per diluted share, for the corresponding 2005 quarter. The Company's earnings for the nine-month periods ended December 31, 2006 and December 31, 2005 were $978,000, or $0.67 per diluted share, and $2.13 million, or $1.48 per diluted share, respectively.

The decrease in net income in the 2006 third quarter compared to the 2005 third quarter primarily resulted from decreases of $459,000 in net interest and dividend income, partially offset by an increase of $28,000 in non-interest income, including deposit related fees and gains on sales of investment securities. Net interest and dividend income continued to be adversely affected by the continuing flat to inverted yield curve as well as strong local competition for the products and services we offer. Decreases occurred in net interest spread and net interest margin from 2.69% and 3.10%, respectively, for the 2005 quarter to 2.16% and 2.66%, respectively, for the 2006 quarter. These decreases in the spread and margin were primarily due to increases in both the volume of and the rates paid on interest-bearing liabilities. While the yield on interest earning assets rose by 28 basis points, the cost of funds increased by 81 basis points. Interest-bearing liabilities continued to re-price upward faster than interest-earning assets, primarily due to the combined effect of an increase in short-term interest rates over the comparable period last year and continued strong competition for both deposits and loans in our market.

Management did not record a provision for loan losses in either the 2006 or the 2005 third quarter because it believed the allowance was sufficient at those dates. Non-interest expenses increased $8,000, mainly reflecting a decline in salaries and benefits, offset by higher occupancy and equipment expenses, at least partially as a result of our new Medford branch office and operations center. Additionally, marketing expenses declined during the quarter. Income tax expense for the December 2006 quarter decreased $157,000 from the 2005 quarter due to lower pre-tax income.

The decrease in net income for the nine months ended December 31, 2006 compared to the corresponding 2005 period primarily resulted from a decrease of $1.45 million in net interest and dividend income, a decrease of $62,000 in non-interest income, and a $322,000 increase in non-interest expenses. The decrease in net interest and dividend income reflected the combined effect of a lower net interest spread and net interest margin. Decreases occurred in the net interest spread and the net interest margin from 2.82% and 3.20%, respectively, for the 2005 nine-month period to 2.29% and 2.74%, respectively, for the 2006 comparable period. While the cost of funds increased by 73 basis points, the yield on interest-earning assets increased by 20 basis points.

The increase in non-interest expenses for the nine months ended December 31, 2006 was primarily attributable to the higher salaries and benefits, increased occupancy and equipment expenses, partially attributable to the new branch and operations center in Medford, and higher professional service costs. These expenses were partially offset by lower marketing expenses and the absence of the non-recurring restructuring costs incurred in 2005 of $283,000. The provisions for loan losses were $50,000 and $100,000, respectively, for the nine months ended December 31, 2006 and December 31, 2005. Lower pre-tax income caused income tax expense for the nine months ended December 31, 2006 to decrease $637,000 from the corresponding 2005 period.

Total assets were $565.5 million at December 31, 2006 and $547.3 million at March 31, 2006. During the nine months ended December 31, 2006, investment securities available for sale decreased by $13.6 million as the result of maturities and pay-downs of investments and the mandatory redemption of a portion of our investment in FHLB stock. During this same period, loans increased by $41.4 million, from $415.4 million to $456.8 million due to our continued focus on originating commercial real estate and construction loans as well as the purchase of $14.2 million of residential real estate loans.

Deposits declined by $6.2 million, primarily due to our decision to temporarily discontinue advertising our premium rates on certificates of deposit during the 2006 period, instead electing to utilize FHLB advances to fund loan growth. As a result, borrowings increased by $22.9 million during the nine months ended December 31, 2006 to $128.9 million.

Central Bancorp, Inc. is the holding company for Central Bank, whose legal name is Central Co-operative Bank, a Massachusetts-chartered co-operative bank operating nine full service banking offices, a limited service high school branch in suburban Boston and a stand alone 24-hour automated teller machine in Somerville.

This press release may contain certain forward-looking statements, which are based on management's current expectations regarding economic, legislative and regulatory issues that may impact the Company's earnings in future periods. Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, real estate values and competition; changes in accounting principles, policies or guidelines; changes in legislation or regulation; and other economic, competitive, governmental, regulatory and technological factors affecting the Company's operations, pricing, products and services.

Central Bancorp, Inc. Consolidated Operating Data (In Thousands, Except Per-Share Data)   Quarter Ended December 31, Nine Months Ended December 31,   2006 2005 2006 2005   (Unaudited) (Unaudited) Net interest and dividend income $ 3,620 $ 4,079 $ 11,079 $ 12,529 Provision for loan losses -- -- 50 100 Net gain (loss) on sales and write-downs of investment securities 131 93 359 306 Gain on sale of loans -- 44 59 183 Other non-interest income 344 310 989 980 Non-interest expenses 3,310 3,302 10,943 10,621     Income before taxes 785 1,224 1,493 3,277 Provision for income taxes 271 428 515 1,152     Net income $ 514 $ 796 $ 978 $ 2,125 Earnings per share:             Basic $0.36 $0.56 $0.68 $1.49     Diluted $0.35 $0.55 $0.67 $1.48 Weighted average number of shares outstanding:             Basic 1,448 1,431 1,445 1,427     Diluted 1,463 1,440 1,459 1,435 Outstanding shares, end of period 1,640 1,590 1,640 1,590

Consolidated Balance Sheet Data (In Thousands, Except Per Share Data)   December 31, 2006 March 31, 2006   (Unaudited) Total assets $565,482 $547,275 Investment securities available for sale 93,515 107,071 Total loans(1) 456,813 415,363 Allowance for loan losses 3,847 3,788 Deposits 387,174 393,413 Borrowings 128,942 106,032 Subordinated Debenture 5,258 5,258 Stockholders' equity 40,763 39,189 Equity to assets 7.25 7.16 Non-performing assets to total assets 0.06 0.22 Book value per share $ 24.86 $ 24.64 (1) Includes loans held for sale of $755 and $45 at December 31, 2006 and March 31, 2006, respectively.

Selected Financial Ratios (In Thousands, Except Per Share Data)   Quarter Ended December 31, Nine Months Ended December 31,   2006 2005 2006 2005   (Unaudited) (Unaudited) Return on average assets 0.37% 0.59% 0.24% 0.40% Return on average equity 5.09   8.15   3.26   5.43   Interest rate spread 2.16   2.69   2.29   2.82   Net interest margin 2.66   3.10   2.74   3.20

Paula M. Corsetti
Vice President, Marketing
(617) 629-4376
(781) 306-1604 (fax)

DANA M. EPSTEIN PROMOTED TO ASSISTANT VICE PRESIDENT AT CENTRAL BANK

Somerville, MA, January 25, 2007 - John D. Doherty, President and Chief Executive Officer of Central Bank announced that Dana M. Epstein has been promoted to the position of Assistant Vice President at Central Bank. Mr. Epstein is responsible for the bank's Online Banking Center.

Mr. Epstein joined Central Bank in 2001, as Branch Manager of the Chestnut Hill Office with 14 years of Branch Operations Management and Branch Sales Management experience at Sovereign Bank New England (formerly Fleet National Bank). That same year, he became Branch Manager of the bank's Davis Square Office.

Mr. Epstein has a degree in Economics from Wharton School of Finance and Commerce, University of Pennsylvania. He resides in Allston, MA.

Established in 1915, Central Bank, the bank subsidiary of Central Bancorp, Inc. (NASDAQ: CEBK), is a Massachusetts chartered co-operative bank operating nine full service branches and limited access educational branch in Somerville, Arlington, Burlington, Chestnut Hill, Malden, Medford, Melrose and Woburn.

William P. Morrissey
Executive Vice President &
Chief Operating Officer
(617) 628-4000

CENTRAL BANCORP ANNOUNCES EMPLOYEE STOCK OWNERSHIP PLAN PURCHASE OF CENTRAL BANCORP COMMON STOCK FROM MENDON CAPITAL ADVISORS CORP.

SOMERVILLE, MASSACHUSETTS, January 25, 2007 (NASDAQ Global Market^SM: CEBK) -- Central Bancorp, Inc. announced today that the ESOP sponsored by its subsidiary, Central Bank, has agreed, subject to the financing arrangement discussed below and other conditions, to purchase 109,600 shares of Central Bancorp's common stock at a price of $33.00 per share from Mendon Capital Advisors Corp. and affiliates (collectively, "Mendon"). The shares to be purchased by the ESOP represent approximately 6.7% of Central Bancorp's outstanding shares. After the purchase, the ESOP will hold approximately 24.9% of Central Bancorp's outstanding shares, including shares allocated to participants. Separately, John D. Doherty, Central Bancorp's President and Chief Executive Officer, agreed, also subject to conditions, to purchase the remaining 13,400 shares of Central Bancorp's common stock owned by Mendon, also at a price of $33.00 per share.

Completion of the purchase is subject to the issuance by Central Bancorp of approximately $6 million of trust preferred securities to finance, through loans to the ESOP, the ESOP's purchase from Mendon and the ESOP's refinance of an existing loan to the ESOP from an independent financial institution.

Central Bancorp, Inc. is the holding company for Central Bank, whose legal name is Central Co-operative Bank, a Massachusetts-chartered co-operative bank operating nine full-service banking offices and a limited service high school branch in suburban Boston.

Paul S. Feeley
Senior Vice President, Treasurer &
Chief Financial Officer
(617) 628-4000

CENTRAL BANCORP, INC. DECLARES ITS REGULAR QUARTERLY CASH DIVIDEND

SOMERVILLE, MASSACHUSETTS, January 18, 2007 - Central Bancorp, Inc. (NASDAQ Global Market^SM: CEBK) announced today that its Board of Directors declared its regular quarterly cash dividend of eighteen ($0.18) cents per share, payable on February 16, 2007, to stockholders of record as of February 2, 2007.

The dividend represents the Company's 42nd consecutive distribution since implementing its cash dividend policy in October 1996.

Central Bancorp, Inc. is the holding company for Central Bank, whose legal name is Central Co-operative Bank, a Massachusetts-chartered co-operative bank operating nine full service banking offices, a limited service high school branch in suburban Boston and a stand alone 24-hour automated teller machine in Somerville.